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Yonhap News Summary

Yonhap News Summary 12:22 October 24, 2018

The following is the first summary of major stories moved by Yonhap News Agency on Wednesday.

S. Korean business people to visit now-suspended factory park in N. Korea: official

SEOUL -- South Korean business people who ran factories in the Kaesong Industrial Complex are pushing to visit the now-suspended industrial park in the North Korean border town next week at the earliest, a government official said Wednesday.

The official at the Ministry of Unification said that the Seoul government is discussing with North Korea details of the South Korean business owners' visit to Kaesong.

S. Korea, U.S. nuclear envoys meet over N. Korea

WASHINGTON -- The top nuclear envoys of South Korea and the United States met in Washington to continue coordination on North Korea's denuclearization, the South Korean side said Tuesday.

Lee Do-hoon, Seoul's representative for Korean Peninsula peace and security affairs, held talks with U.S. Special Representative for North Korea Stephen Biegun Monday.

Cheong Wa Dae denies unconstitutionality of military deal with N. Korea

SEOUL -- The presidential office Cheong Wa Dae on Wednesday dismissed claims that its ratification of a military agreement with North Korea without parliamentary consent may have violated the Constitution, saying the Constitution requires parliamentary approval only for treaties signed with other countries.

Cheong Wa Dae spokesman Kim Eui-kyeom asserted the ratification did not require parliamentary consent because North Korea is not a foreign country under the country's Constitution.

S. Korea seeks high-profile joint military committee with N. Korea

SEOUL -- South Korea's defense ministry plans to propose to North Korea that vice minister-level officials head a joint military committee to be formed to carry out a set of tension reduction measures agreed to at last month's summit, officials said Wednesday.

The South will put forward details of its offer, including the level of the co-chair of the envisioned panel, when their Army generals meet each other at Panmunjom on Friday.

Indian prime minister to receive Seoul Peace Prize

SEOUL -- Indian Prime Minister Narendra Modi has been chosen as the winner of this year's Seoul Peace Prize for his contribution to world peace through his economic vision, a related panel announced Wednesday.

It cited Modi's accomplishments, highlighted by Modinomics, including the country's high-rate economic growth and an improvement in the life of Indian people.

(LEAD) Financial support, tailored measures eyed to boost investment, create more jobs

SEJONG -- South Korea's government said Wednesday that it will provide more financial assistance and tax incentives to boost sluggish facility investment, accelerate deregulation, stimulate innovation-led growth and create jobs.

The finance ministry said the current slump in the job market and facility investment could further worsen down the road due to the deepening trade war between China and the United States, a slowing down of China's economy and rising oil prices.

Electric mop maker fined over unfair business practice: watchdog

SEJONG -- South Korea's corporate watchdog said Wednesday that it has decided to levy a 500 million-won (US$441,000) fine on a local electric floor mop maker for forcing its subcontractor to lower supply prices.

According to the Fair Trade Commission (FTC), Honors Co. had asked a subcontractor for technology-related data and handed over the data to the subcontractor's rival companies to force the subcontractor to lower supply prices, threatening to terminate the business relationship.

S. Korean banks' daily FX turnover falls in Q3

SEOUL -- The daily foreign exchange (FX) turnover by local and foreign banks in South Korea decreased in the third quarter of this year amid reduced local currency volatility, central bank data showed Wednesday.

The daily FX turnover averaged US$54.66 billion during the July-September period, down 5.2 percent from the record high logged in the second quarter of $57.65 billion, according to the Bank of Korea (BOK).

S. Korea's childbirths continue to decline in August

SEJONG -- The number of newborns in South Korea fell again in August, government data showed Wednesday, in the latest sign of the chronically low birthrate that has plagued Asia's fourth-largest economy for more than a decade.

About 27,300 babies were born in August, down 9.3 percent from 30,100 tallied a year earlier, according to the data compiled by Statistics Korea.

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